Duke University
Duke University reported $4.75 billion in revenue and $4.35 billion in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $89.70 went to program services, $7.88 to management and general costs and $2.42 to fundraising. Its largest source of revenue was contributions and grants: 41.6% of the total. Government grants made up 23.1%. The highest compensation it reported for one person was $5,012,725 (CHIEF INVESTMENT OFFICER). 7,290 people received more than $100,000 in reportable compensation. Revenue rose 49% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $4.35BFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $4.75BThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 89.7% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 7.9% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 2.4% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.05 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 41.6% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 23.1% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 31.1% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $5,012,725 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.12% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 7,290 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 48.3 | 13.3 |
| Independent voting board members Part VI 1a–1b | 34 of 37 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseDuke University confers undergraduate, graduate, and professionaldegrees to approximately 6,818 students annually
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| CHIEF INVESTMENT OFFICER Key employee, 50.00 hrs/week | $4,885,718 | $0 | $127,007 | $5,012,725 |
| COACH Highest compensated employee, 40.00 hrs/week | $4,171,974 | $0 | $119,221 | $4,291,195 |
| PHYSICIAN Highest compensated employee, 1.90 hrs/week | $215,316 | $3,098,678 | $62,670 | $3,376,664 |
| PROFESSOR Highest compensated employee, 40.00 hrs/week | $2,935,454 | $0 | $50,274 | $2,985,728 |
| COACH Highest compensated employee, 40.00 hrs/week | $2,764,179 | $0 | $63,029 | $2,827,208 |
| PHYSICIAN Highest compensated employee, 6.20 hrs/week | $432,127 | $2,092,811 | $69,346 | $2,594,284 |
| INVESTMENT MANAGER Key employee, 40.00 hrs/week | $1,921,010 | $0 | $360,745 | $2,281,755 |
| INVESTMENT MANAGER Key employee, 40.00 hrs/week | $1,925,902 | $0 | $345,870 | $2,271,772 |
7,290 people received more than $100,000 in reportable compensation from Duke University (Part VII, line 2). Compensation of current officers, directors and key employees totaled $21M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b37 · 34 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 532,100
- Volunteers Part I, line 615,837
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| GALLAGHER AFFINITY INSURANCE SERVICEE Insurance services | $34,173,297 |
| ALLEGIS GROUP HOLDINGS INC Temporary services | $19,085,667 |
| UNIVERSITY OF NORTH CAROLINA Sponsored research | $17,151,668 |
| MID-ATLANTIC INFRASTRUCTURE SYSTEMS Construction services | $15,310,074 |
| LECHASE CONSTRUCTION SVCS LLC Construction services | $11,860,818 |
Individuals listed as contractors are left out. 949 contractors were paid more than $100,000 in all.
Private foundation grants it received
430 private foundations reported grants to Duke University totaling $132M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Duke University's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Duke University, you can publish a response that is linked from this page.
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Of every $100 Duke University spent in FY2025, $89.70 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Icahn School of Medicine at Mount SinaiNew York, NY · revenue $4.49B · programs 88.5% · 2024
- Emory Group ReturnAtlanta, GA · revenue $4.83B · programs 97.9% · FY2025
- Chancellor Masters & Scholars of the University of OxfordNew York, NY · revenue $3.76B · programs 97.1% · FY2025
- University of ChicagoChicago, IL · revenue $5.62B · programs 84.1% · FY2025
- University of PittsburghPittsburgh, PA · revenue $3.57B · programs 90.4% · FY2025
All education charities · Largest charities in North Carolina
Questions people ask
How much of Duke University's spending goes to programs?
In the fiscal year ending June 30, 2025, Duke University reported that 89.7% of its $4.35 billion in expenses went to program services, 7.9% to management and general and 2.4% to fundraising (Form 990, Part IX).
How much does Duke University pay its top executive?
The largest total compensation Duke University reported for one person in the fiscal year ending June 30, 2025 was $5,012,725, for the role of CHIEF INVESTMENT OFFICER (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Duke University get its money?
Of $4.75 billion in revenue in the fiscal year ending June 30, 2025, 41.6% came from contributions and grants (including 23.1% from government grants) and 31.1% from program service revenue (Form 990, Part VIII).
Is Duke University a registered charity?
The IRS lists EIN 56-0532129 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202611359349301296 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202501359349302225 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202441369349300929 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202311359349317716 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202211369349311591 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202141379349308034 · read the filing
All filings for EIN 56-0532129: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.